IC 20-49-4-13: Maximum advance; school building construction program

Sec. 13. An advance to a school corporation or charter school for any school building construction program may not exceed the greater of the following:

(1) Fifteen million dollars ($15,000,000).

(2) The product of fifteen thousand dollars ($15,000) multiplied by the number of students accommodated as a result of the school building construction program.

However, if a school corporation or charter school has sustained loss by disaster, this limitation may be waived by the state board after consulting with the department and the budget agency.